Poundworld considers closing 100 stores

Discount retailer Poundworld is looking at closing about 100 of its 355 stores, putting up to 1,500 jobs at risk. Like many retailers Poundworld has been hit by falling consumer confidence, rising overheads and the weaker pound. Poundworld is owned by private equity firm TPG Capital, which also owns restaurant chain Prezzo whose landlords agreed to a CVA last month. Poundworld is expected to announce the terms of the CVA next month. Unlike most retailers Poundworld cannot pass on its cost increases to customers because its business model means it sells everything for a pound.